Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
The ground rules: You should keep all your tax records for at least the three years the IRS has to audit you and assess any additional taxes. The IRS has six years if you understated your gross income by more than 25%. Some accounting organizations are recommending that all records be kept for a minimum of seven years.